Easter Sunday took a dramatic turn when President Donald Trump posted an expletive-laden message on Truth Social, demanding Iran open the Strait of Hormuz by Tuesday or face military strikes. The warning, which came amid reports of a U.S. military aircraft being downed by Iranian forces in the Persian Gulf, sent shockwaves through commodity and futures markets — but crypto markets moved in the opposite direction.
Trump's Ultimatum: 'Open the Strait or We Strike'
In his post, Trump threatened to target Iranian power plants and bridges, signing off with “Praise be to Allah.” The Strait of Hormuz is a critical chokepoint for global oil shipments, and any disruption raises the specter of supply shortages. The warning came on Easter weekend when traditional markets were closed, forcing traders to react via electronic and decentralized platforms.
WTI crude oil futures for May 2026 delivery on CME Globex surged immediately, reaching $114.42-$114.59 per barrel by 6:50 p.m. EDT Sunday, up approximately $2.88-$3.05 (2.6%-2.7%) from the previous settlement of $111.54. The contract hit a session high of $115.48, expanding the 52-week range to $54.98-$119.48. The June 2026 contract traded near $100.28, reflecting a steep contango curve that declines into the $70s by late 2026 and early 2027.
Equity Futures Slide as Energy Costs Rise
U.S. equity index futures pointed lower as higher energy costs threatened corporate margins. The E-mini S&P 500 June contract fell 0.59% to 6,583.25, while the tech-heavy E-mini Nasdaq-100 dropped 156.25 points (0.65%) to 24,061.75, the steepest decline among the three major contracts. The E-mini Dow futures also shed about 0.5% to 46,483. Cash equity markets remained closed for the extended Easter weekend, with the last regular session ending April 2 and Good Friday observed as a market holiday on April 3.
Decentralized Markets React: Hyperliquid Oil Perps Hit $593M Open Interest
On Hyperliquid, the XYZ:CL WTI perpetual contract traded between $112.56 and $113.63, with open interest ranging from $575 million to $593 million. The 24-hour volume on the onchain platform fluctuated between $156 million and $237 million, with a slightly negative funding rate indicating shorts were paying longs. Hyperliquid's oil perps offer up to 20x leverage, settle in USDC, and trade 24/7 without expiration, enabling traders to gain exposure to energy price moves even when traditional venues like CME Globex are in low-volume weekend windows.
Brent crude followed suit, with the XYZ:BRENTOIL perpetual trading near $109.85-$110.31, 24-hour volume of $47 million-$60 million, and open interest of approximately $557 million. Meanwhile, the total cryptocurrency market cap climbed to $2.35 trillion, up 1.13% for the session, as traders rotated into decentralized assets during a weekend when traditional markets had no venue to respond.
Bitcoin Breaks $69K, Ethereum Leads Altcoin Rally
At around 7:30 p.m. Eastern, Bitcoin was trading at $69,009, up 2.11% on the day and 4.06% over the past week, holding firm as the dominant store-of-value play while Wall Street futures gradually turned red. Ethereum rose 2.95% to $2,118, posting a weekly gain of 6.26% that outpaced Bitcoin's move. XRP added 2.21% to $1.32, and BNB gained 1.79% to $602.
Overnight developments, including any further statements from the White House or the Iranian government, will likely set the tone for the Monday open in energy, equity, and DeFi markets. Traders watching WTI will need to consider both the CME session and Hyperliquid's continuous onchain order book.
Gold Falls 15% from War Highs as 'Safe Haven' Trade Fades
In a separate note, gold prices dropped to $4,623/oz after March 2026 nonfarm payrolls exceeded expectations at 178K, dampening hopes for Fed rate cuts. Silver held above $73.75 on industrial demand. The decline highlights how geopolitical risk is currently being priced differently across asset classes, with crypto benefiting as an alternative safe haven.